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Nifty and BankNifty Context with levels for 3rd August 2023

Recap –

Today’s market has shown some good amount of sell off. My bias for today was sideways to bullish but market went totally opposite but I managed to ride it as I always mention that below a particular level we can go for short trades. Hence be prepared with your levels for both sides. The levels for short given in all three indices has worked pretty well.


Market Context for Tomorrow – 

Always be prepared for both side moves with proper levels. This makes our work easy during live hours of market. For tomorrow my view is to work on sell on rise till a particular level which I mention separately in indices below. Also GiftNifty trading in negative at the time I am writing this blog indicating we can open gap down and then at every rise we can plan for sell.


Nifty50 –

For tomorrow, we will be only bullish if Nifty sustains above 19620. Otherwise we can again see sell on rise till this level is not broken on upside.

If market opens flat and we see Nifty showing weakness/bearish sign, we can plan for short trade till PDL.

If Nifty opens gap down, then wait for some minor pull back before taking trades on downside. Below PDL Nifty can easily go upto 19300.

Chart for reference-


 

 

BankNifty-

Same context goes for BankNifty.

We will be bullish only if BankNifty sustains above 45200-45220. For bullish trade wait for atleast thirty minutes to sustain and after looking at price action take a trade.

If it opens flat of gapdown, any minor pullback can create good opportunity for taking trade in downside. Targets will be 44700, 44600.

Chart for reference-

 


 


 

Abbreviations used in Chart-

 

PDH – Previous day High

PDL – Previous day Low

PWH – Previous Week High

PWL – Previous Week Low

PDC – Previous Day Close

 

NOTE: THIS BLOG IS ONLY FOR EDUCATIONAL PURPOSES. TRADE WISELY.

 

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